Biotech Update, Part II – Finding Opportunity in Biotech
Introduction Largest Decile of Biotech vs. the Rest Conclusion Exhibits Introduction In part one of our two part Biotech update series titled “Biotech Update: Revisiting our 2015 Report”, Kailash ...
Pain Is the Parent of all Progress: Small & Mid Cap
The Case for Contrarians: Why the Low Momentum Anomaly May Represent a Compelling Opportunity for Active Managers Introduction: Is a Preponderance of Underperformers a Problem? Momentum Seeking: We Wish ...
A Market Cap Concentration Caution Flag Part II: Truth & Transparency Trump Narrative Convention
Introduction: The Nifty Five Revisited The Law of Large Numbers Capitalizing on the Kailash Rankings when The Nifty Five are Running Rich Fundamentals Today vs. Historical Periods of Nifty ...
A Market Cap Concentration Caution Flag? What has it meant historically and where we are today
Introduction: “Behemoths Have Dominated the Market Before, but Tech is Different,” WSJ, June 15, 2018 1 The 5 Largest Firms, “The Nifty-Five”, from Naïve to Nefarious? A Study of ...
Foraging Among the Forgotten Seeking Opportunity in Stocks the Index Ignores
Introduction: The Intermittent Accuracy of Intuition! The Magnitude of this Mispricing Characteristics Today Conclusions Exhibits Appendix: What May be the Truly Forgotten Introduction: The Intermittent Accuracy of Intuition Kailash ...
The “Amazon Apocalypse”: Rummaging through the Retail Wreckage, Part II – Retail Fundamentals: A Deep Dive
Introduction: Revisiting the Wreckage Historical Context: Compelling Fundamental Facts Have Our Models Helped & Might the Bleak Become Bright? Exhibits Introduction: Revisiting the Wreckage For the sake of simplicity ...
The “Amazon Apocalypse”: Rummaging through the Retail Wreckage, Part I – A Factual Review of Retail’s Basic Characteristics
Introduction: Anecdotes about the “Amazon Apocalypse” The Rise, Fall, Resurrection and Failure Rates of Retail & Other Firms The Batting Averages and Payoff Structures of Retail Pre and Post ...
Breaking Bread with Beta – Harnessing Perceived Volatility to Improve Risk Adjusted Outcomes
Introduction: Creating Constructive Outcomes from Kailash’s Beta Breakdown Revisiting The Collapse The Long of It: The Value of Volatility The Short of It: The Value of Humility Exhibits Introduction: ...
The Collapse of Common Sense II – Exploiting the EBITDA/Net Debt Error Among the Durable & Fragile
In our last paper, The Collapse of Common Sense, Kailash noted that the world seemed to have...
The Collapse of Common Sense – The Great Beta Breakdown
Introduction: Sometimes we own equities that go up & down more than the market average Rhetorical Question: Which group is riskier? Conclusions: The prevalence of the preposterous Exhibits Introduction: ...
Navigating the Passive Bubble during a Bubble – An Eas(ier)-Street to Alpha?
Re-Introduction: Respect & Reverence for Mr. Bogle An Eas(ier)-Street to Alpha, Particularly for Large-Cap Managers The Fruits of Perfect Foresight Operating in the Unknown The Nature of the Profits ...
The Pernicious Problem with Passive – Do Large Cap Managers Have the Fattest Pitch Since 2000?
Introduction: Respect and Reverence for Mr. Bogle The Biggest Bubble: Large Cap Large Cap Conclusions The Big but Partially Burst Bubble: Small & Mid Cap Small & Mid Cap ...
